Vedanta Iron And Steel Q2 FY27 Results: Consolidated Net Loss ₹324 Crore on Total Income of ₹2,846 Crore
Earnings
Iron ore and steel
Blacklitt Research3 min read
DDEKK, via Wikimedia Commons (CC0). Illustrative image.
Vedanta Iron And Steel (NSE: VISL) reported consolidated total income of ₹2,846 crore and a net loss of ₹324 crore for the quarter ended 30 Sep 2026, it said in a filing on 27 Oct 2026. Standalone total income was ₹1,134 crore and the standalone net loss was ₹3 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹2,846 crore, down 5.6% YoY and 24.1% QoQ
Net profit and EPS: net loss of ₹324 crore against ₹477 crore a year earlier; basic loss per share of ₹0.80, against ₹1.19
Finance costs: ₹171 crore, down 60.3% YoY
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,134 crore, down 29.4% YoY and 29.8% QoQ
Net profit and EPS: net loss of ₹3 crore against profit of ₹112 crore a year earlier; basic loss per share of ₹0.01
Other income: ₹65 crore, down 65.1% YoY
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
2,846
3,015
-5.6%
3,751
-24.1%
Revenue from operations
2,788
2,858
-2.4%
3,662
-23.9%
Other income
58
157
-63.1%
89
-34.8%
-324
-477
+32.1%
121
n/a
Profit before tax
-320
-443
+27.8%
165
n/a
Finance costs
171
431
-60.3%
207
-17.4%
Depreciation
218
204
+6.9%
225
-3.1%
Tax expense
4
51
-92.2%
54
-92.6%
Net profit margin
-11.38%
-15.82%
+4.44 pp
3.23%
-14.61 pp
EPS, basic (₹)
-0.80
-1.19
+32.8%
0.31
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit rose 32.1% YoY, from a loss of ₹477 crore to a loss of ₹324 crore, while total income fell 5.6%, from ₹3,015 crore to ₹2,846 crore.
Revenue from operations fell 2.4% to ₹2,788 crore. Other income fell 63.1% to ₹58 crore, a steeper fall than revenue, and was 2.0% of total income this quarter.
Finance costs were ₹171 crore against ₹431 crore a year earlier, down 60.3%, and were 6.0% of total income. Depreciation rose 6.9% to ₹218 crore.
The loss before tax of ₹320 crore includes an exceptional item of ₹37 crore for stamp duty fees on transfer of land, building and mining rights acquired under the Scheme. Net of tax, the exceptional items come to ₹28 crore. Tax expense was ₹4 crore.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,134
1,607
-29.4%
1,616
-29.8%
Revenue from operations
1,069
1,421
-24.8%
1,512
-29.3%
Other income
65
186
-65.1%
104
-37.5%
-3
112
n/a
185
n/a
Profit before tax
0
159
n/a
244
n/a
Finance costs
58
49
+18.4%
58
0.0%
Depreciation
70
93
-24.7%
83
-15.7%
Tax expense
3
47
-93.6%
59
-94.9%
Net profit margin
-0.26%
6.97%
-7.23 pp
11.45%
-11.71 pp
EPS, basic (₹)
-0.01
0.29
n/a
0.47
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income fell 29.4% YoY to ₹1,134 crore, and the company recorded a net loss of ₹3 crore against a profit of ₹112 crore a year earlier.
Revenue from operations fell 24.8% to ₹1,069 crore and other income fell 65.1% to ₹65 crore. Other income is 5.7% of standalone total income this quarter.
Profit before tax was ₹0 crore, against ₹159 crore a year earlier and ₹244 crore in the quarter ended 30 Jun 2026. Tax expense was ₹3 crore. The standalone statement carries the same ₹37 crore stamp duty exceptional item, ₹28 crore net of tax.
Inference
The filing says the Scheme of Arrangement approved by the Mumbai Bench of the National Company Law Tribunal provides for the demerger of the Iron Ore Undertaking of Vedanta Limited into the company, effective 1 May 2026. On 4 May 2026 the company allotted 391,03,88,057 equity shares of ₹1 each to eligible shareholders of Vedanta Limited, and it ceased to be a subsidiary of Vedanta Limited. Paid-up equity share capital is ₹391 crore. Consolidated total assets were ₹17,208 crore at 30 Sep 2026, against ₹19,392 crore at 31 Mar 2026.
The filing says the company bought the MetCoke business from MALCO Energy Limited under a business transfer agreement dated 30 Apr 2026, and that the ₹299 crore difference between the consideration and the net worth was recognised in capital reserve. It also says Fujairah Gold FZE and THZL Zinc Limited waived their debts from Bloom Fountain Limited, and the outstanding ₹13,138 crores was written back and transferred to capital reserve. The Port Business at Visakhapatnam is presented as discontinued operations, with profit after tax of ₹10 crore in the quarter. For ESL Steel Limited, the MoEFCC granted in-principle approval of Forest Clearance Stage I on 17 Apr 2026, and the filing says applications for CTE and CTO will follow receipt of FC and EC.
What a reader would want and the filing leaves open is the reason for the consolidated loss before tax of ₹320 crore beyond the ₹37 crore exceptional item.
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VISLVedanta Iron And Steel Ltd.